Firms have the option of maximizing sales revenue or maximizing profits. If a firm chooses to maximize sales, then it will produce
a. more output and charge a lower price.
b. the same output and charge a lower price.
c. less output and charge a higher price.
d. less output and charge a lower price.
a
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Suppose a retail store was offering 10% off list prices on all goods. The benefit of the 10% savings is:
A. unrelated to the list price of the good. B. zero since costs and benefits shouldn't be measured proportionally. C. positively related to the list price of the good. D. negatively related to the list price of the good.
Which of the following is an example of an exhaustible resource?
A) silver B) soybeans C) pork belly D) pound cake
Entry fees at national parks and monuments are an example of:
A. the benefits-received principle of taxation. B. government bureaucracy and inefficiency. C. the principle of limited and bundled choice. D. the ability-to-pay principle of taxation.
An increase in demand is defined as an increase in the quantity that people are willing and able to purchase at
A. at least one price. B. some prices. C. different prices.